People are the success to any company. It’s essential to train and retain employees to optimize project efficiency. It is crucial to continually reassess their roles as technology and the workplace evolve. As work changes, different skill sets may be required. In today’s blog post, we will explain the importance of reskilling, upskilling, and acquiring new skills.

Why are reskilling and upskilling important in today’s business landscape?

Both reskilling and upskilling are important for personal and professional development and are increasingly relevant in today’s rapidly changing job market.

Reskilling: 

This refers to learning new skills so that an individual can transition to a different job or field. Reskilling is typically aimed at helping workers change their career paths, especially in response to changes in the job market or industry demands. For example, someone from a production line job might reskill to become a CAD designer.

Upskilling: 

This involves enhancing or adding to existing skills to improve proficiency in a current role or to prepare for advancement within a particular field. Upskilling is focused on expanding knowledge and capabilities without necessarily changing jobs. For instance, an advertising professional might take courses in Social Media marketing to stay current with industry trends and improve their work possibilities.

Both reskilling and upskilling are vital for professional development and remain competitive in today’s workforce.

The World Economic Forum’s Future of Jobs Report 2023 indicates that companies anticipate a disruption of 44% in workers’ skills over the next five years. As a result, many jobs will require reskilling in the future.

The report examines the dynamics of the labour market, particularly the rate at which workers and jobs are reallocated. It estimates an average structural labour-market churn of 23% among the surveyed companies across various sectors and countries within the next five years. The analysis suggests that while 69 million jobs will be created, 83 million jobs will be lost, highlighting the urgent need for upskilling in many organizations.

New Skilling

Another concept to consider is “new skilling.” This refers to individuals who embrace continuous learning and strive to develop high-demand skills. Companies can facilitate ongoing new skilling for their employees, enabling them to stay agile in a rapidly changing market.

Unlike reskilling and upskilling, which focus on significant job transformations, new skilling embodies a mindset for both workers and organizations that prioritizes constant learning and adaptation

In summary 

In a rapidly changing job market and technological landscape, continuous learning helps individuals adapt to new tools, practices, and industry trends, ensuring they remain relevant and competitive. Likewise, companies must train and continually reassess their roles as technology and the workplace evolve.